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Congratulations are in order for GM (GM), which managed to close the largest IPO in the world at...

Congratulations are in order for GM (GM), which managed to close the largest IPO in the world at a total value of $23.1B after underwriters exercised an overallotment option. The previous No. 1 IPO was Agricultural Bank of China at $22.1B.
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Comments (20)
  • Neil459
    , contributor
    Comments (2644) | Send Message
     
    We see how long the government props up GM to keep this success in the news. Not hard to make these things happen, when its guaranteed by the government.
    27 Nov 2010, 01:54 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    $45,000 for GM e-Cars.

     

    No thanks.
    27 Nov 2010, 02:41 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    How is the stock doing?
    27 Nov 2010, 03:24 PM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    Congrats? LOL With the type of government aid afforded GM, .... Enron, worldcom, MCI and ZZZBest would all still be in business too.

     

    Yeah, ZZZBest kind of dates me but I couldn't resist not adding them in.
    27 Nov 2010, 04:04 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    I agree, GM was propped by the money of taxpayers, to save the Union...they stampeded against old bondholders and stockholders...
    That people, is socialism at it's best...picking the winners and the losers...
    27 Nov 2010, 04:09 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    Indeed, but the propaganda has been strong. Remember they said the job losses would have been huge in a GM bankruptcy. It was bullshit then and its bullshit now, but they were able to shuffle it into another TBTF because they just had the trail blazed by the banks.

     

    Lee Iacoca is probably slipping three alka saeltzers into his Mylanta before every meal just to keep his eyes from rolling out of their sockets. Especially since all the shit he had to go through. This one makes his look like a slightly under-funded lemonade stand.
    27 Nov 2010, 04:34 PM Reply Like
  • kmi
    , contributor
    Comments (4040) | Send Message
     
    Would be nice if on a post like this on a blog like this people would put aside their personal politics for a second to weigh the merits of actually holding this as part of their portfolio.

     

    I think the question folks should be proposing is whether a GM with so many fewer expenses and liabilities can possibly perform poorly moving forward.
    27 Nov 2010, 04:42 PM Reply Like
  • nobby73
    , contributor
    Comments (1177) | Send Message
     
    So many fewer expenses and liabilities? The big liabilities were and remain the healthcare and pensions of the workers. The listed debt was the tip of the iceberg.

     

    And let's not forget this juicy nugget on the prospectus:

     

    “We have determined that our disclosure controls and procedures and our internal control over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our business plan.”

     

    It's pretty hard to weigh the merits of holding this when the company themselves makes such an admission.
    27 Nov 2010, 05:43 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    Kmi, they still have unfunded pension liabilities... to much to bear without more dilution or auto sales exploding to 20M per year...And we know 20M per year is off the mark. If you want to invest in the auto industry there's Ford.
    27 Nov 2010, 06:12 PM Reply Like
  • coddy0
    , contributor
    Comments (1182) | Send Message
     
    "I think the question folks should be proposing is whether a GM with so many fewer expenses and liabilities can possibly perform poorly moving forward. "

     

    You forgot to mention their fastest selling cars such as Buick Azera Limited 10Y/100k mile warranty or Chevrolet Focus 25/35 Miles per Gallon

     

    27 Nov 2010, 09:25 PM Reply Like
  • Archman Investor
    , contributor
    Comments (2466) | Send Message
     
    <<Would be nice if on a post like this on a blog like this people would put aside their personal politics for a second to weigh the merits of actually holding this as part of their portfolio.

     

    I think the question folks should be proposing is whether a GM with so many fewer expenses and liabilities can possibly perform poorly moving forward. >>

     

    Jim Cramer is that you?

     

    People never learn. Yes, buy this bloated pig that exists purely on government life support. Go on an buy.

     

    The best part about slow motion government and world economic crashes, is that along the way you hear billions of lies from those in charge, and millions of people are sucked into the lies only to lose it all.

     

    Portugal is next, then Spain. Wake up people and turn off CNBC once and for all. Protect yourself, your family and your net worth.

     

    Think for yourselves!!!
    28 Nov 2010, 09:32 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    Its kind of weird investing in our own taxes.

     

    Its like smelling a fart and calling it creme broulee vapor.
    27 Nov 2010, 05:00 PM Reply Like
  • datajedi
    , contributor
    Comments (3) | Send Message
     
    I will never invest in GM, Obama bullied the bond holders during the bankruptcy and ignored the rule of law. Ford stayed away from the government money, the control that went along with it and is the better company.
    27 Nov 2010, 05:47 PM Reply Like
  • Tom Au, CFA
    , contributor
    Comments (6774) | Send Message
     
    Why would anyone buy this GM IPO? Look what happened to the last bunch of shareholders?
    28 Nov 2010, 09:39 AM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    The stock price action tells me, this is a worthless stock, usually an IPO has great returns in the first week...
    28 Nov 2010, 09:45 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4013) | Send Message
     
    What's not to like? 23.1B for the Treasury means more pork for the parasites.
    27 Nov 2010, 07:40 PM Reply Like
  • KnaveChild
    , contributor
    Comments (45) | Send Message
     
    This sucker is going to ZERO. The only thing to be long right now is gold and silver. The FED is printing trillions of monopoly money to keep the empire afloat, and one day its all gonna come crashing down. RIP FIAT MONEY.

     

    Got Gold/Silver?
    28 Nov 2010, 12:57 AM Reply Like
  • Neil459
    , contributor
    Comments (2644) | Send Message
     
    GM was once a poorly run company, now its a poorly run company with politician's trying to line their pockets with it. I personally can't wait for the politician's and union bosses to square off to see who can steal the most from the tax payers. At some point, lets hope there ceases to be enough to go around.
    28 Nov 2010, 10:04 AM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    One thing I am curious about is how Ford will able to compete with government motors down the road. Ford had all the same liabilities as GM before the bankruptcy. Ford was only fortunate or wise enough to begin a new round of refinancing their debt a year before the financial crisis. That is THE only reason they survived without government intervention. Now that GM has removed a lot of liabilities and still retained years of tax losses so as to keep a high cash flow for years, how will Ford counter that? How can they compete?
    28 Nov 2010, 03:29 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    With better quality cars, and consumers getting loyal to their brands...Is gaining market share, with sales stronger than toyota...
    28 Nov 2010, 03:37 PM Reply Like
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